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The New Century Fund

I. Name. The name of this fund is the San Francisco Opera New Century Endowment Fund (the “New Century Fund”). The New Century Fund holds the assets of the San Francisco Opera Association (the “Opera”), which the Board of Directors of the Opera (the “Board”) has elected to be treated as endowed, and subject to the Uniform Prudent Management of Institutional Funds Act, as enacted in California and as amended from time to time (“UPMIFA”), and upon which the donor has not placed any restrictions. The San Francisco Restricted Endowment Fund shall be referred to in this Policy as the “Restricted Fund” and together with the New Century Fund collectively as the “Opera Endowment.”

II. Management. Assets of the New Century Fund shall be owned and managed by the Opera in accordance with the terms of this Policy. The goal of the New Century Fund is to balance the current needs of the Opera and its constituencies with the obligation to preserve and increase the value of the New Century Fund for future generations. The Board has delegated the management of the assets of the New Century Fund to the Investment Committee.

III. Purpose. The purpose of the New Century Fund is to further the charitable and educational purposes of the Opera by providing general support for its operating and program-related needs, as determined by the Board. A donor making a contribution to the New Century Fund does so subject to the terms of the Opera’s Gift Acceptance Policy, as amended from time to time, and this Policy, as amended from time to time.

IV. Annual Spending. The Opera may appropriate from the New Century Fund for expenditure in any given fiscal year an amount consistent with the Coordination of Funds provision of this Policy (the “Annual Draw”).

V. Investment Guidelines. Assets of the New Century Fund shall be invested identically to the investment of assets of the Opera’s Restricted Endowment Fund. Assets of the New Century Fund may be commingled for purposes of investment with other assets of the Opera.

VI. Costs. The Opera’s costs to hold and invest the New Century Fund shall be charged to the New Century Fund (“Investment Charge”) subject to the Coordination of Funds provision of this Policy, and shall not diminish the Annual Draw. The Investment Charges shall be reviewed and approved by the Board annually.

VII. Emergency Appropriation. If the Board determines that funds are urgently needed due to extraordinary circumstances, the Opera may appropriate, collectively from the Restricted Endowment Fund and the New Century Fund, for expenditure (a “Special Appropriation”) an amount not to exceed twenty-five percent (25%) of the Opera’s annual average approved budget during the latest three (3) fiscal years and consistent with the Coordination of Funds Provision, as set forth in the Bylaws of the Opera.

VIII. Coordination of Funds. Any withdrawal made from the New Century Fund, either Annual Draw, Special Appropriation, borrowing, or Investment Charge, must be taken pari passu from the Restricted Endowment Fund and the New Century Fund in proportion to the respective aggregate value of each such Fund as of the date of the withdrawal; provided, however, that such pari passu allocation shall be made only to the extent that such allocation is permitted by donor restrictions applicable to assets held in the Restricted Endowment Fund.

IX. Loans. The Opera may borrow from the New Century Fund subject to the Coordination of Funds provision of this Policy. The total amount borrowed at any one time from the Opera Endowment shall not exceed twenty percent (20%) of the Opera’s annual average budget during the latest three (3) fiscal years. Any loan repayment made to the Opera Endowment must be divided between the Restricted Fund and New Century Fund in proportion to the outstanding loan balance owed to each fund. The Opera shall contribute monthly to the New Century Fund an amount equal to the average outstanding balance in the preceding month multiplied by the value of the one year London Interbank Offered Rate (LIBOR), as last published in the preceding month, plus two percent (2.00%), all divided by twelve (12).

The Carried Amount is the smallest average outstanding balance owed to the Opera Endowment in any month during a fiscal year. Concurrent with any Annual Draw, the Carried Amount shall be calculated for the preceding fiscal year. If the Carried Amount is not zero, a mandatory Special Appropriation equal to the Carried Amount shall immediately be taken, and this withdrawal will first be applied to pay back any outstanding loan balance with any remainder to be transferred to the general operating funds of the Opera.

X. Use as Collateral. The Opera may encumber the assets of the New Century Fund as collateral only with the prior approval of the Executive Committee.

XI. Accounting. Any New Century Fund assets that are held for a specific purpose shall be accounted for separately to facilitate their management.

XII. Amendment. This Policy may be amended only by the Board.

Approved by the Board of the Association on the 8th day of November, 2012